New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>MNW delivers strong FY23 result, aided by 4Q23: FY23 EBITDAF of NZ$137m (in line with expectations) was a good outcome given the 1H23 result</li><li>FY24 outlook muted by ACOT ending, aided by strong early hydro generation: FY24 guidance of NZ$120m to NZ$140m was unchanged</li><li>Delivering development is the key — but it won't be easy: The key for MNW remains new development. One of its issues is scale, making generation portfolio growth a key priority</li></ul>

MNW delivers strong FY23 result, aided by 4Q23: FY23 EBITDAF of NZ$137m (in line with expectations) was a good outcome given the 1H23 resultFY24 outlook muted by ACOT ending, aided by strong early hydro generation: FY24 guidance of NZ$120m to NZ$140m was unchangedDelivering development is the key — but it won't be easy: The key for MNW remains new development. One of its issues is scale, making generation portfolio growth a key priority

Manawa Energy: Creeping Capex — FY23 Result

Manawa Energy Ltd

Manawa Energy: Creeping Capex — FY23 Result